Mooney Aerospace Group, Ltd. Emerging From Bankruptcy | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne 12.19.14 ** HD iPad-Friendly -- Airborne 12.19.14 **
** Airborne 12.17.14 ** HD iPad-Friendly -- Airborne 12.17.14 **
** Airborne 12.15.14 ** HD iPad-Friendly -- Airborne 12.15.14 **

Thu, Dec 16, 2004

Mooney Aerospace Group, Ltd. Emerging From Bankruptcy

Plan of Reorganization Approved by Bankruptcy Court, Mooney Airplane Company Stock to Be Reacquired

Mooney Aerospace Group, Ltd.'s Plan of Reorganization was approved by the U.S. Bankruptcy Court for the District of Delaware Wednesday. A court order has been submitted to the judge for signature. As of December 15, 2004 the company will have a new trading symbol, MNYG.OB. As part of the plan, the company will reacquire the stock of Mooney Airplane Company from its current owner, Allen Financial Holdings, Ltd.

As part of the plan, existing shareholders will be issued new shares of Mooney Aerospace Group, Ltd. common stock based on a reverse split of 3223 old MASG shares for one share of new common stock. (Fractional shares will be issued as part of the plan.)

J. Nelson Happy (below, right), President and CEO of Mooney Aerospace Group, Ltd., commented: "We are very pleased to have the bankruptcy proceeding behind us. We now have a fresh start without old financial problems diverting management's attention from our core business, which is making and selling airplanes and thereby enhancing shareholder value. I am especially pleased to welcome Gretchen Jahn, the recently appointed CEO of Mooney Airplane Company. She has already shown herself to be a strong leader of the Mooney team. We are looking forward to 2005 as a year of consolidation of the business improvements initiated since our acquisition of the Mooney assets in 2002."

According to Mr. Happy, "Special thanks are due to our creditors, who approved a plan of reorganization which allowed our existing shareholders to continue to have an equity stake in the company, although smaller than before. This is unprecedented in my experience. Our existing shareholders should submit their shares to our stock transfer agent, American Stock Transfer and Trust Co., 59 Maiden Lane, Plaza Level, New York, N.Y. 10038; phone 800-937-5449, by mail or through their stock broker."

The plan imposes two restrictions on sale of the new stock, which is otherwise free trading. No sale of the stock may occur until 90 days after the plan's effective date. Thereafter, no more than 10% of each shareholder's total holdings can be sold per month. Complete details of the Plan of Reorganization can be read as part of the Company's most recent quarterly report filed with the Securities and Exchange Commission.

FMI: www.mooney.com

Advertisement

More News

Airborne 12.19.14: Falcon 8X Unveiled, Sportys 172LITE, Bizarre CA AvGas Lawsuit

Also: ANN/Airborne's Crystal Ball, Lear70/75 Mexico Cert, Carnegie Mellon's Lunar Rover, Dragon Delays Dassault Aviation rolled back the curtains earlier this week on the ultra-lon>[...]

Aero-News: Quote Of The Day (12.21.14)

"We have received extremely positive feedback from our Amadeus A-CDM Portal stakeholders. It is easy to use and enables them to make better decisions that contribute to smoother an>[...]

London Gatwick Airport Increases Runway Capacity To 55 Flights Per Hour

Estimates An Additional 2 Million Passengers On A Single Runway Assisted By Amadeus A-CDM Portal London Gatwick Airport (LGW) is the first to implement a cloud-based Airport-Collab>[...]

ANN's Daily Aero-Linx (12.21.14)

Aero Linx: Christian Pilots Association (CPA) Established in 1972, Christian Pilots Association, (CPA), is a mobilizing service agency dedicated to assisting God's people in fulfil>[...]

ANN's Daily Aero-Term (12.21.14): Axis

Axis A straight line, through the center of gravity, around which an aircraft rotates. For example, an aircraft rolls around its longitudinal axis which is a straight line that run>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC